RABAT: Morocco’s state-owned rail operator, ONCF, is seeking $8.8 billion from investors to finance its expansion plan, the head of the African Development Bank (AfDB), Akinwumi Adesina, has said.
He told reporters late on Friday after a three-day Africa Investment Forum in Rabat that investors were ready to extend ONCF more than the required amount, with financing offers totalling over $13 billion.
AfDB partners with other banks and financial institutions for some large-scale development projects it finances across the continent.
During the closed-door event, the bank could garner a total financing worth $29.2 billion for African development projects including water supply, energy, transport, private equity, tourism, infrastructure and pharmaceuticals.
Morocco plans to extend its high-speed train network to Marrakech before the 2030 World Cup, and further south to Agadir.
The operator also aims to stretch its network to double the number of cities it serves to 43, or 87 percent of the Moroccan population, by 2040.
ONCF was not immediately available to comment.
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Moroccan rail operator seeks $8.8 bln funding for expansion plan
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Moroccan rail operator seeks $8.8 bln funding for expansion plan
- Morocco plans to extend its high-speed train network to Marrakech before the 2030 World Cup
Syrian leader to meet Putin, Russia seeks deal on military bases
MOSCOW: Syrian President Ahmed Al-Sharaa will meet Russian counterpart Vladimir Putin in Moscow on Wednesday, as the Kremlin seeks to secure the future of its military bases in the country.
Putin and Sharaa struck a conciliatory tone at their previous meeting in October, their first since Sharaa’s rebel forces toppled Moscow-ally Bashar Assad in 2024.
But Russia’s continued sheltering of Assad and his wife since their ouster remains a thorny issue. Sharaa has repeatedly pushed Russia for their extradition.
Sharaa, meanwhile, has embraced US President Donald Trump, who on Tuesday praised the Syrian leader as “highly respected” and said things were “working out very well.”
Putin, whose influence in the Middle East has waned since Assad’s ouster, is seeking to maintain Russia’s military footprint in the region.
Russia withdrew its forces from the Qamishli airport in Kurdish-held northeast Syria earlier this week, leaving it with only the Hmeimim air base and Tartus naval base on Syria’s Mediterranean coast — its only military outposts outside the former Soviet Union.
“A discussion is planned on the status of bilateral relations and prospects for developing them in various fields, as well as the current situation in the Middle East,” the Kremlin said of the upcoming meeting in a statement on Tuesday.
Russia was a key ally of Assad during the bloody 14-year Syrian civil war, launching air strikes on rebel-held areas of Syria controlled by Sharaa’s Islamist forces.
The toppling of Assad dealt a major blow to Russia’s influence in the region and laid bare the limits of Moscow’s military reach amid the Ukraine war.
The United States, which cheered Assad’s demise, has fostered ever-warmer ties with Sharaa — even as Damascus launched a recent offensive against Kurdish forces long backed by the West.
Despite Trump’s public praise, both the United States and Europe have expressed concern that the offensive in Syria’s northeast could precipitate the return of Islamic State forces held in Kurdish-held jails.
Putin and Sharaa struck a conciliatory tone at their previous meeting in October, their first since Sharaa’s rebel forces toppled Moscow-ally Bashar Assad in 2024.
But Russia’s continued sheltering of Assad and his wife since their ouster remains a thorny issue. Sharaa has repeatedly pushed Russia for their extradition.
Sharaa, meanwhile, has embraced US President Donald Trump, who on Tuesday praised the Syrian leader as “highly respected” and said things were “working out very well.”
Putin, whose influence in the Middle East has waned since Assad’s ouster, is seeking to maintain Russia’s military footprint in the region.
Russia withdrew its forces from the Qamishli airport in Kurdish-held northeast Syria earlier this week, leaving it with only the Hmeimim air base and Tartus naval base on Syria’s Mediterranean coast — its only military outposts outside the former Soviet Union.
“A discussion is planned on the status of bilateral relations and prospects for developing them in various fields, as well as the current situation in the Middle East,” the Kremlin said of the upcoming meeting in a statement on Tuesday.
Russia was a key ally of Assad during the bloody 14-year Syrian civil war, launching air strikes on rebel-held areas of Syria controlled by Sharaa’s Islamist forces.
The toppling of Assad dealt a major blow to Russia’s influence in the region and laid bare the limits of Moscow’s military reach amid the Ukraine war.
The United States, which cheered Assad’s demise, has fostered ever-warmer ties with Sharaa — even as Damascus launched a recent offensive against Kurdish forces long backed by the West.
Despite Trump’s public praise, both the United States and Europe have expressed concern that the offensive in Syria’s northeast could precipitate the return of Islamic State forces held in Kurdish-held jails.
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